Associated Banc Corp (ASB) Expected to Announce Earnings of $0.36 Per Share
Analysts expect that Associated Banc Corp (NYSE:ASB) will report $0.36 earnings per share for the current quarter, Zacks Investment Research reports. Six analysts have provided estimates for Associated Banc Corp’s earnings. The highest EPS estimate is $0.38 and the lowest is $0.34. Associated Banc Corp posted earnings per share of $0.31 during the same quarter last year, which indicates a positive year over year growth rate of 16.1%. The company is scheduled to issue its next earnings results on Thursday, July 20th.
According to Zacks, analysts expect that Associated Banc Corp will report full-year earnings of $1.44 per share for the current fiscal year, with EPS estimates ranging from $1.37 to $1.47. For the next financial year, analysts anticipate that the business will report earnings of $1.59 per share, with EPS estimates ranging from $1.54 to $1.62. Zacks’ EPS averages are an average based on a survey of sell-side analysts that that provide coverage for Associated Banc Corp.
Associated Banc Corp (NYSE:ASB) last posted its quarterly earnings results on Thursday, April 20th. The bank reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.32 by $0.03. Associated Banc Corp had a net margin of 17.31% and a return on equity of 6.81%. The firm had revenue of $260.11 million for the quarter, compared to analyst estimates of $266.24 million. During the same period in the prior year, the firm posted $0.27 earnings per share.
Several brokerages have weighed in on ASB. Jefferies Group LLC restated a “hold” rating and set a $27.00 price objective on shares of Associated Banc Corp in a research note on Tuesday, April 4th. Keefe, Bruyette & Woods restated a “hold” rating and set a $24.00 price objective on shares of Associated Banc Corp in a research note on Thursday, March 23rd. Zacks Investment Research cut Associated Banc Corp from a “buy” rating to a “hold” rating in a research note on Friday, April 7th. SunTrust Banks, Inc. upgraded Associated Banc Corp from a “hold” rating to a “buy” rating in a research note on Wednesday, March 29th. Finally, JMP Securities began coverage on Associated Banc Corp in a research note on Thursday, February 2nd. They set a “market perform” rating on the stock. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $24.72.
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Shares of Associated Banc Corp (NYSE:ASB) opened at 24.40 on Friday. The company has a market capitalization of $3.70 billion, a price-to-earnings ratio of 18.21 and a beta of 1.18. Associated Banc Corp has a 52-week low of $15.72 and a 52-week high of $26.70. The firm’s 50-day moving average is $24.60 and its 200 day moving average is $24.53.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Thursday, June 1st will be paid a dividend of $0.12 per share. This represents a $0.48 dividend on an annualized basis and a dividend yield of 1.97%. The ex-dividend date is Tuesday, May 30th. Associated Banc Corp’s payout ratio is 38.10%.
In other news, CEO Philip B. Flynn sold 10,000 shares of Associated Banc Corp stock in a transaction on Monday, May 1st. The stock was sold at an average price of $24.81, for a total transaction of $248,100.00. Following the sale, the chief executive officer now directly owns 127,585 shares in the company, valued at approximately $3,165,383.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider David L. Stein sold 8,000 shares of Associated Banc Corp stock in a transaction on Friday, April 28th. The stock was sold at an average price of $25.11, for a total value of $200,880.00. Following the sale, the insider now owns 37,518 shares in the company, valued at $942,076.98. The disclosure for this sale can be found here. Insiders have sold a total of 59,243 shares of company stock worth $1,495,305 over the last quarter. Company insiders own 2.09% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in Associated Banc Corp by 6.0% in the first quarter. Vanguard Group Inc. now owns 12,490,743 shares of the bank’s stock worth $304,775,000 after buying an additional 707,633 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Associated Banc Corp by 3.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 11,546,302 shares of the bank’s stock worth $285,196,000 after buying an additional 362,519 shares during the last quarter. State Street Corp boosted its stake in Associated Banc Corp by 10.4% in the first quarter. State Street Corp now owns 6,785,200 shares of the bank’s stock worth $165,559,000 after buying an additional 641,800 shares during the last quarter. Victory Capital Management Inc. boosted its stake in Associated Banc Corp by 4.6% in the first quarter. Victory Capital Management Inc. now owns 5,176,832 shares of the bank’s stock worth $126,315,000 after buying an additional 228,539 shares during the last quarter. Finally, Alliancebernstein L.P. boosted its stake in Associated Banc Corp by 3.5% in the first quarter. Alliancebernstein L.P. now owns 4,030,860 shares of the bank’s stock worth $98,353,000 after buying an additional 134,916 shares during the last quarter. Institutional investors own 75.96% of the company’s stock.
About Associated Banc Corp
Associated Banc-Corp is a bank holding company. The Company, through its banking subsidiary Associated Bank, National Association (the Bank) and various nonbanking subsidiaries, provides a range of banking and non-banking products and services to individuals. The Company operates through three segments: Corporate and Commercial Specialty; Community, Consumer, and Business, and Risk Management and Shared Services.
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